Bitcoin casino is an emerging new trend in the world practice of online gambling. The emergence and the increasing popularity of Bitcoin gaming and Bitcoin online casinos are directly related to the widespread use of cryptocurrencies.
The electronic currency which was succeeded ten years ago gradually began to occupy a significant place in people’s daily lives.
So, in this world, the use of cryptocurrency is not only limited to online purchases but also for investing or performing various kinds of financial transactions. The gambling industry also did not neglect the new phenomenon. So there were Bitcoin casinos.
The emergence of Bitcoin casinos was preceded due to the great popularity of cryptocurrency in the markets and its information to the public.
About five years ago, projects related to gaming and gambling began to appear on the Internet, in which money is not only the source for the calculations but also cryptocurrency.
Initially, such casinos did not have proper differences from classic virtual casinos, in addition to being able to get paid or pay a deposit in bitcoin or other electronic currency. At the same time, the possibility of performing financial transactions in familiar currencies was not ruled out.
Regarding the variety of offers, the first Bitcoin casinos offered the same range of gambling as a traditional classic casino.
However, in its era of evolution, bitcoin casinos have largely changed and begun to offer more options that were not available to users of traditional online gambling platforms.
Features of Bitcoin Casino
The option to take part in gambling without spending personal savings is a fairly good option in which online casinos operate legally. These include countries in the European Union.
In the post-Soviet space, there are also similar options or ways in the form of social casinos – the establishment of gambling in social networks in which games for real money are not held at all.
A feature of the 2020 Bitcoin casino is that the user not only receives a welcome bonus and the opportunity to play without investing personal funds but also the option of withdrawing electronic money to his wallet.
The second feature of Bitcoin casinos is privacy.
Because transactions are made using encrypted codes, the user doesn’t need to provide the operator with their data. With this feature, another advantage of the variety of online casinos for Bitcoin is connection- a quick withdrawal of funds.
Types of Bitcoin Casino
There are two types of cryptocurrency gambling casinos.
The first is classic online gambling casinos, which provide the possibility of depositing funds in electronic currencies. The second type is specially designed casinos, the work of which is carried out based on exclusively cryptocurrency transactions.
Bitcoin online casino – world experience
Bitcoin casino is a hybrid phenomenon of two industries – gambling and cryptocurrency.
Therefore, checking the coherence of the work of this type concerning legality, it is worth paying attention to two components at once. The first is whether online casinos are allowed in your country or state, and the second is whether cryptocurrency is legal.
The use of cryptocurrencies is allowed at the legislative level in the following countries: Switzerland, Singapore, Japan, Denmark, Sweden, Norway, the Netherlands, South Korea, Finland, Germany, Canada, the Czech Republic, and others.
However, not all countries where transactions using electronic currency are allowed are loyal to gambling entertainment.
For example, in cryptocurrency countries such as Germany, Denmark, Finland, or the Netherlands, the work of gambling establishments without licenses, regardless of whether they are hybrid or classic, is prohibited.